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Creating Passive Income with Chris Miles

Cashflow Diary™

Release Date: 04/20/2020

Breaking Through Habits And Mindsets Holding You Back show art Breaking Through Habits And Mindsets Holding You Back

Cashflow Diary™

On today's episode of Cash Flow Diary, J. Massey explores the habits and mindsets that are holding you back from scaling up and growing your short term rental empire. Despite a hunger for knowledge and self-improvement, many individuals find themselves stuck in unproductive routines that hinder their progress. J offers actionable advice for breaking free from these patterns and shifting your mindset towards growth and success. Also in this episode:  Suffering leads to perseverance The problem with qualified retirement accounts The importance of believing that wealth is for everyone A...

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How Short Term Rental Industry Can Help Anyone Generate Wealth show art How Short Term Rental Industry Can Help Anyone Generate Wealth

Cashflow Diary™

On today's episode of Cash Flow Diary, J. Massey hosts a Q+A session about how working with the short term rental industry can help anyone generate the wealth they seek.  During this Q+A session with clients, J answers a wide range of questions from clients and provides answers and strategies they can use to help them start building their own short term rental empire. Also in this episode: How do you leverage what you already have Using referral codes for Uber and Lyft to make your rental stand out The rule of adverse selection The difference between an Airbnb and a bed and breakfast...

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The First Step To Building Your Short Term Rental Empire show art The First Step To Building Your Short Term Rental Empire

Cashflow Diary™

On today's episode of Cash Flow Diary, J. Massey hosts a Q+A session with coaching clients about the first steps needed to build your short term rental empire. There are a lot of steps involved when it comes to building your short term rental empire. During Q+A calls with coaching clients, J shares the importance of changing your mindset and how it will have an astronomical impact on your business over time. Also in this episode: You don't rise to the level of your goals; you fall to the level of your systems How habits are the compound interest of self-improvement The importance of tracking...

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The Best Storage Solutions For Your Gold And Silver Investments show art The Best Storage Solutions For Your Gold And Silver Investments

Cashflow Diary™

On today's episode of Cash Flow Diary, J. Massey hosts a Q+A session with coaching clients about storage solutions for their gold and Silver. When it comes to storage for gold and silver J Massey has heard it all. J speaks with a group of coaching clients and provides advice on safely storing your gold and Silver without burying them in the backyard. Also in this episode: The reason why coin shops often next to gun shops Why is Silver counterfeited less than gold  Even Benjamin Franklin kept some of his assets across seven countries. Gold and Silver are not always insurable  About...

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Teaching Families How To Achieve Financial Freedom In The Short Term Rental Industry show art Teaching Families How To Achieve Financial Freedom In The Short Term Rental Industry

Cashflow Diary™

On today's episode of Cash Flow Diary, J. Massey shares why he enjoys teaching families how to generate wealth to achieve finical freedom within the short term rental industry. In this episode of Cash Flow Diary, J. Massey shares why he enjoys teaching families how to generate wealth to achieve financial freedom within the short term rental industry. Anytime J is being interviewed; he is always asked the same question "why do you do what you do?" Something J tells his team all the time "the reason Cash Flow Diary exists is that I know their families want to generate wealth but don't know how...

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Unbelievable Tales From The Short Term Rental Industry That Left J Massey Speechless show art Unbelievable Tales From The Short Term Rental Industry That Left J Massey Speechless

Cashflow Diary™

In this episode of Cash Flow Diary, host J Massey was left speechless by an unbelievable tale about  property damage that occurred from a coaching client working in the short term rental industry. During a Q+A session with coaching clients, J Massey guides coaching clients as they build their short term rental empire. J thought he had heard everything while working in the short term rental industry. J would never have thought that a customer would remove a piece of the property from a short term rental property, but he was wrong. J advises his clients on how to proceed when the...

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How To Get Rich Quick In The Short Term Real Estate Industry show art How To Get Rich Quick In The Short Term Real Estate Industry

Cashflow Diary™

In this episode of Cash Flow Diary, J Massey teaches you how to get rich quickly while working in the short-term real estate industry. When most people hear the term "get rich quick," they think they are being scammed. However, shifting our mindset on how we think about this phrase can drastically affect your ability to be successful at growing a big enough short-term rental portfolio which is also sustainable and can support your lifestyle.  Also in this episode: How nothing has any meaning except the meaning ascribed to it How do you define "rich"? How feeling anxiety and dread will...

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How You Can Remedy The Situation If Somebody Is Smoking In Your Unit show art How You Can Remedy The Situation If Somebody Is Smoking In Your Unit

Cashflow Diary™

In this episode of Cash Flow Diary, J Massey hosts a Q+A with coaching clients about what to do when somebody is smoking in your unit and how you can remedy the situation. When running your short term real estate empire, the majority of your guests will come and go with no complications.  Occasionally, however, you will have a guest who breaks some of the agreed-upon rules and J shares his personal tips on how you can approach the confrontation behind somebody smoking in your short term rental when you don’t want them to.  Also in this episode: Airbnb is looking for irrefutable...

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How To Negotiate A Short Term Real Estate Rental Unit Lease show art How To Negotiate A Short Term Real Estate Rental Unit Lease

Cashflow Diary™

In this episode of Cash Flow Diary, J Massey discusses how you can negotiate your short term real estate until lease.  When it comes to renting out Short Term Real Estate Units, knowing how to negotiate a lease is extremely important to know. J hosts a q+a session with coaching clients and provides the tips and tricks on negotiating short term real estate leases to maximize your return on investment. Also in this episode: The differences between a net lease and a lease  Factoring in utility prices in colder climates  How much should you charge for rent in your unit About...

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Security Tools And Technology For Renting Out Your Short Term Rental Unit show art Security Tools And Technology For Renting Out Your Short Term Rental Unit

Cashflow Diary™

In this episode of Cash Flow Diary, J Massey shares security tips for renting out your short term rental unit. Have you ever wanted to start hosting guests, but have safety or property damage concerns? J shares his experience with this kind of scenario when he rented a short term property. He also provides you with a walk-through on how to improve the security for your own property. Also in this episode: The problem with lockboxes Using new technology for noise detection How to prove that somebody was smoking in the unit Guests need to feel safe if they are going to rent your unit   ...

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As founder of Money Ripples, host of The Chris Miles Money Show, and co-author of the book Entrepreneur on Fire, Chris Miles is a leading authority on quickly creating wealth by increasing monthly cash flow and creating passive income. He has shown hundreds of thousands internationally how to free up or generate tens of thousands of dollars each year! Chris has been featured in US News, CNNMoney, and Bankrate.com and has a reputation for getting his clients fast, proven results. 

Many of his clients have the option to retire in less than 5-10 years, and Chris himself was able to retire twice by age 39! Chris’s passion is helping entrepreneurs, and high-income employees become financially prosperous by finding and fixing their money leaks and creating passive income.

Chris and his family live in Utah, but enjoy escaping to warmer weather during the winter months. In addition to helping his clients increase their cash flow, Chris is a talented ballroom dancer, choreographed ballroom dance routines for Utah Valley University, and got 5th place in his third grade spelling bee. 

Podcast Highlights

What’s going on in your world today? 

Since the last time Chris was on the show nearly five years ago Chris was able to retire for the second time in his life. The first time he retired was at the age of 28, this time around at the age of 39 Chris was looking for something new. He never wanted to be full time again and as an educator at heart Chris continued working on his podcast and teaching people the same strategies that he used.

Chris is looking at the current situation in the world and seeing all the opportunities available to those that have been prepared.

Preparation

The previous recession caused Chris a lot of problems and that’s when he learned the key lesson of never relying on only a few streams of income, because when those get shut off you’re out of luck.

Chris has a number of clients that are currently unable to work but because they have set up multiple streams of income beforehand they are able to ride out the problem. 

If you weren’t prepared for the coronavirus, you need to do whatever you can. So many people have no idea what to do right now it’s like they’ve been stunned. There are several areas that people are not taking advantage of their money right now. One is the money in mutual funds and retirement plans, people pouring more money into the stock market right now are making a big mistake.

What should people do right now?

Get lean, get liquid, and get out. Even during the great depression there were people that prospered and those that did were the ones who got lean and were looking for opportunities. Liquid cash is where you want to be right now, having enough cash on hand to weather the storm is crucial. Money never comes from the government in the time you expect so don’t rely on them for help right now. 

If you have time, start looking for ways to create value and make money. That could be short term rentals or other forms of real estate.

Creating Passive Income

The one big mistake that Chris made in the prior recession was in aiming for growth instead of plain old cash flow. The result was he went way too big on his deals and ended up losing the properties. This time, instead of going for sexy Chris went for certain.

The trouble is flashy $80,000 checks are interesting and people like seeing that. No one is particularly impressed when someone makes another $400 this month because their renter paid again. Nobody is showing off the time they lost $20,000 on a deal. When the market is good, it’s easy to show up as a winner but now is the time when we’ll see who the real players are.

If you’re concerned about getting into real estate or short term rentals right now because of the state of the market, you have to realize that it was actually harder before. Before people just had to show up, but if you’re actually providing a good service you have a tremendous opportunity.

The key principle is always looking where you can create value for people. What problem can you solve. Listen to what people are complaining about or desperate about, those are the best areas to tackle.

What’s never coming back?

Commercial real estate like office space is going to completely fall apart. The area that Chris is paying the most attention to is multifamily as he thinks there will be a push from people trying to get out of the urban sprawl in favor of moving to more rural areas. Many multifamily operators were over leveraged so there could be some opportunities there when those people look to sell at a discount.

What’s going to become bigger than it was before?

Telecommuting is going to become more prevalent with more companies realizing they can shrink their office size and make more profit. The companies that are willing to adapt are the ones that are going to win.

Transportation is going to change. Even Tesla is struggling right now because of falling gas prices and changing driving habits.

What would you say to someone who’s feeling like they are in a bad place right now?

You are exactly where you’re supposed to be right now. In the last recession Chris was over a million dollars in debt and wouldn’t have learned the things he knows now if he didn’t go through that time. He lost his house, his car, and most everything else but he learned that there are always opportunities and ways to create wealth if you understand the right principles. It always comes down to how you can create value for other people and solve problems.

Who do you know and what can you provide? If you’re not the one with the solution for someone’s problem, who can you refer them to that can help?

Chris’ Takeaway

Remember that there is a reason behind your pain that will lead to a better gain. You can be a positive change in people’s lives by understanding and sharing the core principles of prosperity and wealth and creating passive income.

Links:

moneyripples.com

The Chris Miles Money Show

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes and Stitcher Radio!